The Quarterly Progress Report (QPR) update on the MahaRERA for the month of April reveals improved compliance, with 46.25% of developers submitting forms. This contrasts with previous months, with only 0.02% compliance in January, 19% in February, and 34% in March and indicates the impact of stringent measures by MahaRERA against non-compliance. The report highlights that out of 480 projects, 222 adhered to deadlines and if the additional 50 projects that have updated information on the website but are yet to submit the forms to MahaRERA also comply, the ratio would increase to 57%. MahaRERA suspended 741 projects, with 195 resuming after penalty payments. MahaRERA aims for 100% compliance, reinforcing transparency and accountability in the real estate sector.
The Quarterly Progress Report (QPR) of projects has been updated on the website of MahaRERA. Out of 480 projects reported in the month of April, 222 projects i.e. 46.25% submitted all the requisite forms to MahaRERA and updated them on the website before the due date. MahaRERA sees this rise in compliance as a direct effect of the strict action against those who do not submit quarterly reports to MahaRERA.
In addition, 50 projects registered in the month of April have updated this information on the website but have not been submitted to MahaRERA. If these developers also submit the information to MahaRERA, the ratio will rise to 57% as 273 of the 480 projects would have complied.
The update of forms in the month of April has received better response as compared to January, February and March. Only 2 out of 746 projects (0.02%) in January, 131 out of 700 projects (19%) in February and 150 out of 443 projects (34%) in March had updated progress reports without any notice.
MahaRERA began implementing the financial quarter-based project progress reporting system in January 2023. The QPRs are uploaded by respective developers on the MahaRERA website in order to make details of the projects available to the homebuyers. Promoters are required to upload Forms 1, 2 and 3, containing information about current construction status, financial information about bookings and fund collection every quarter on the MahaRERA website.
On those who are negligent in this regard, MahaRERA took drastic action like suspending the project. Its positive results have started to be seen. In the new year, MahaRERA is planning to take tougher action against developers who do not comply with regulatory provisions.
MahaRERA has so far suspended 741 projects that have not submitted quarterly reports in January, February and March. 195 of these projects completed the forms by paying the penalty amount. Thus, at present, 546 projects are suspended and their bank accounts are also frozen.
MahaRERA has made seven categories under which all the updates regarding their ongoing registered projects are required to be provided by the developer. In addition to Rules 3, 4 and 5 of Section 11 of the Real Estate Act, Section 3 and Section 4 of Order No. 33/2022 dated 5 July 2022, also mandates every developer to update the prescribed statement forms on the website on a quarterly/annual basis.
MahaRERA Chairperson Ajoy Mehta said that timely uploading of Quarterly Progress Report (QPR) of housing projects helps the customer to know the current status and true status of the project. He says that “the 46.25% response of projects in March compared to January's 0.02% percentage is certainly comforting. But MahaRERA aims for and insists on 100% response.”
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